Analysis

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1. 28. 2019

Saudi Arabia is seeking to attract 1.6 trillion riyals (nearly $429 billion) in private sector investment over the next 10 years for an infrastructure and industrial program, according to an announcement over the weekend and at an investment conference in Riyadh today.

Saudi Arabia is looking to maintain heavy investment in the entertainment sector in 2019, according to comments made by a top Saudi official, as it looks to make good on key Vision 2030 economic reforms.

The chairman of Saudi Arabia’s General Authority of Civil Aviation (GACA), Abdul Hakim bin Mohammed Bin Sulaiman Al-Tamimi, has been removed from his post by a royal decree issued on Monday, the Saudi Press Agency and other regional outlets reported.

It has been a tumultuous six months for oil prices on international indices. Prices have slightly rebounded early in 2019 after a precipitous fall from over $86 in September on the Brent Index to just over $50 on Christmas Day.

The nations forming the OPEC+ alliance slashed oil production in December, one month before the producer group officially began a fresh round of output cuts agreed to late last year in response to a global supply glut and fears of a worldwide recession, according to CNBC.

Saudi Arabia is reportedly eyeing an investment in U.S. liquefied natural gas (LNG) in what would mark a "sea change in the energy flows between the U.S. and Saudi Arabia," the Wall Street Journal reported Tuesday citing unnamed sources.